Investment Summary:
We acquired a property in excellent condition with an extremely reliable tenant who keeps the house in great condition. Nearby comparable home prices suggest an immediate equity capture of $40,000+ with minimal initial CapEx. The starting ROI is a staggering 12%, although in this area, the property taxes are likely to hike after purchase. This investment will vastly outperform our typical value-add acquisitions targets of 1) ROI of 7%, and 2) first-year equity capture of 30%.
Property Overview
Address: 15351 Whitcomb, Detroit, MI 48227
- Purchase Price: $68,000
- Estimated After Repair Value (ARV): $120,000
- CapEx (Capital Expenditure): $5,000
- Current Rent: $1,200/month
- Square Footage: 1,321 sqft
- Year Built: 1929
- Lot Size: 40 x 130ft
- Property Taxes (2024): $2,904.39
- Zoning: R1 (Residential)
Neighborhood Analysis
- Location: Belmont neighborhood
- Right by Fenkell and Greenfield, it is close to great amenities such as Greenfield Market (2 mins) and DMC Sinai Grace Hospital (6 mins), and Home Depot on Meyers (7 mins)
- Sits on a quiet, mostly brick neighborhood
- Market Insights: The Zillow Home Values Index shows the zip code appreciated over 4% YOY in September 2025
- Very close to many of our other assets and our Property Manager’s portfolio, allowing the team a pulse on the market
Comparable Sales
- 15499 LAUDER Street Detroit, MI 48227-2628, pending for $122,500 on September 22, 2025
- 15771 ROBSON Street Detroit, MI 48227-2640, sold for $117,500, above asking price, on June 25, 2024.
Final Takeaways
Having a tenant with a good payment history does not always mean the home is well maintained. As long as they stay for more than several years, the renovations necessary can be absorbed as part of the business.
In this Subject Property’s case, the renter has kept the property in excellent condition, which allowed us to compare it to nearby for-sale listings on a true apples-to-apples basis.
We are very proud of the hard work of our acquisitions team, and thankful that the Fund can rely on their consistent performance.
Here are some photos of the common areas of their home.
